First Berlin Equity Research Increases Target Price for M1 Kliniken AG

First Berlin Equity Research GmbH has updated its analysis of M1 Kliniken AG, maintaining a "BUY" recommendation while raising the target price from €18 to €28. The adjustment follows the release of the company's audited 2023 results, which corroborated previous figures and demonstrated continued profitable growth.

The major highlight is the mid-term outlook, projecting an expansion to 150-200 M1 Beauty centres by the end of 2029, up from 58 in 2023. M1 Kliniken's management anticipates sales in the Beauty segment to range between €200 million and €300 million by 2029, with an EBIT margin above 20%.

Q1 2024 KPIs show a 10% year-on-year increase in group sales to €85 million, driven by an 18% rise in Beauty segment turnover. The revised estimates now project 2029 Beauty sales at €220 million, previously estimated at €139 million.

The report concludes that the recent rally in M1 shares is justified, validating the sustained positive momentum in the business. The "BUY" recommendation is reiterated.